As individuals increasingly embrace secure online transactions, their confidence in digital payment platforms grows, driving greater financial activity and spurring innovation. To fortify the safety of these financial ecosystems and guarantee the seamless operation of online transactions, Banxico has proposed regulatory adjustments to two financial systems: the Interbank Electronic Payment System (SPEI) and the Interbank Dollar Payment System (SPID). The regulatory alterations will be submitted for public consultations that will last from Aug. 8 until the end of the month.
In an era where user trust hinges on the protection of sensitive financial information, a robust and secure SPEI system assumes a pivotal role. This system not only fosters trust and confidence among users but it also reduces the risk of fraud, such as breaches of confidential information and identity theft.
"In a single day, the SPEI (Bank of Mexico's Payment Systems) processes 4.2 million transactions, with an average amount of 1,100 pesos per person, per transaction. Without proper cybersecurity measures in place or in the event of a failure in the Central Bank's payment system, the potential loss for every hour due to such transactions would be approximately 147 million pesos," says Alberto Orellano, Program Manager of Telecommunications at IDC Latin America.
According to Banxico, the proposed regulatory amendments aim to bring greater clarity and enhance compliance with international frameworks. The proposed alterations encompass cybersecurity refinements for both SPEI and SPID payment systems aimed at enhancing their protection against cyberthreats. The proposed modifications lay out meticulous protective measures for participants' computing and telecommunications infrastructure, ensuring a fortified link to the SPEI and SPID payment systems.
Banxico is also requiring SPEI participants, specifically security depository institutions, to institute contingency procedures. This provision ensures that these entities can maintain their connection to the SPEI using alternative technology in the event of technological infrastructure disruptions. Additionally, the proposed modifications extend their reach to enhance the operational continuity of multiple institutions within the SPEI ecosystem.
Enhanced cybersecurity within digital payment systems can significantly decrease financial losses triggered by cyberattacks, fraud or unauthorized transactions, thus helping protect individuals' savings and investments. As cyberthreats evolve and become more sophisticated, an ongoing commitment to cybersecurity ensures that SPEI participants remain protected against new and emerging threats.